$1.8 Billion in Bitcoin Linked to LuBian Hack Suddenly Activated

Data analyzed by Web3 researcher OnchainLens using the analytics platform Arkham Intelligence shows that wallets linked to the 2020 LuBian breach moved a total of 15,959 BTC to four newly created addresses.

These transactions are divided into four large transfers – two of approximately 4,999 BTC (worth around $540 million each), followed by transfers of 3,424 BTC and 2,535 BTC, worth around $370 million and $274 million respectively.

One of the largest crypto thefts resurfaces

LuBian — a Chinese mining pool that rose from obscurity to sudden popularity before collapsing — was at the center of one of the largest crypto heists in history. According to reports from 2020, around 127,426 BTC were siphoned off from the pool — a colossal sum valued at $1.4T3.5 billion at the time and over $1.4T14 billion at current market prices.

The incident exposed serious weaknesses in the way smaller or semi-private mining pools manage their custodial operations. Weak internal governance and opaque financial practices created the conditions for large-scale abuses that went undetected for years.

All eyes on blockchain again

The latest on-chain moves have sparked renewed interest among blockchain analysts, with observers closely watching to see if the new wallets will consolidate their funds, start moving them to exchange-linked addresses, or try to cover their tracks through mixers, a common tactic for laundering stolen cryptocurrency.

Although there are no confirmed links to exchanges yet, the scale and timing of the transactions suggest carefully planned coordination, rather than a routine reallocation of „dormant“ assets.

The LuBian case remains a telling example of the risks of centralized storage in the mining sector and a reminder that even stolen tokens left dormant for years rarely remain hidden forever.
Source: https://cryptodnes.bg/